Analysts Set Sphere Entertainment Co. (NYSE:SPHR) Price Target at $163.38

Sphere Entertainment Co. (NYSE:SPHR) has been given a consensus recommendation of “Moderate Buy” by the thirteen research firms that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $163.3846.

A number of research analysts recently commented on SPHR shares. Susquehanna increased their target price on Sphere Entertainment from $159.00 to $182.00 and gave the company a “positive” rating in a research note on Thursday, June 18th. Seaport Research Partners reiterated a “buy” rating and issued a $191.00 price objective on shares of Sphere Entertainment in a report on Thursday. Benchmark upped their price objective on Sphere Entertainment from $155.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. Weiss Ratings upgraded Sphere Entertainment from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Finally, Citizens Jmp raised their price objective on Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a report on Wednesday, June 17th.

Sphere Entertainment Price Performance

SPHR stock opened at $167.83 on Tuesday. The firm has a 50 day simple moving average of $152.73 and a two-hundred day simple moving average of $131.72. The stock has a market cap of $6.03 billion, a PE ratio of -62.62 and a beta of 1.65. Sphere Entertainment has a one year low of $39.15 and a one year high of $181.63. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.22 and a quick ratio of 1.22.

Sphere Entertainment (NYSE:SPHR) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($1.07) earnings per share for the quarter, beating the consensus estimate of ($1.51) by $0.44. Sphere Entertainment had a negative net margin of 6.19% and a negative return on equity of 1.38%. The firm had revenue of $313.64 million for the quarter, compared to analysts’ expectations of $307.44 million. During the same quarter last year, the company posted $3.39 EPS. The business’s quarterly revenue was up 10.9% on a year-over-year basis. On average, analysts predict that Sphere Entertainment will post -2.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SPHR. Royal Bank of Canada lifted its holdings in shares of Sphere Entertainment by 5.5% in the 1st quarter. Royal Bank of Canada now owns 150,614 shares of the company’s stock worth $4,928,000 after acquiring an additional 7,891 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Sphere Entertainment by 5.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,270 shares of the company’s stock valued at $532,000 after purchasing an additional 831 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Sphere Entertainment by 132.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after purchasing an additional 357,794 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Sphere Entertainment by 11.2% during the 2nd quarter. Legal & General Group Plc now owns 30,752 shares of the company’s stock valued at $1,285,000 after purchasing an additional 3,103 shares during the last quarter. Finally, Norges Bank purchased a new position in Sphere Entertainment in the 2nd quarter worth $551,000. 92.03% of the stock is currently owned by institutional investors.

About Sphere Entertainment

Sphere Entertainment Co (NYSE: SPHR) is a publicly traded company focused on the development and operation of large-scale immersive entertainment venues. Established as a standalone entity in early 2023 following its separation from Madison Square Garden Entertainment, Sphere leverages cutting-edge audiovisual technologies to create next-generation concert, film and cultural experiences. The company’s flagship venue in Las Vegas showcases its core capabilities, while additional projects are in various stages of development around the world.

At the Las Vegas Sphere, Sphere Entertainment has installed one of the largest LED display surfaces on the planet, wrapping audiences in 16K resolution imagery and spatial audio powered by proprietary sound systems.